Every second of every business day, businesses are piling up data – data that was intended to improve the future and data that was harvested to tell the story of the past. What are you doing with your data? Does it sit in a file on your desk? Does it pile up in your inbox from those tasked with analyzing it? Each business type has their own set of indicators, measurables and benchmarks – if these aren’t in place for your business, start there. If they are, here are a five ways to do more with your marketing data.
1. Actually review it. Time is the biggest factor in not paying closer attention to the things happening away from the cash register, but just like anything else in the day-to-day business world, understanding the “why” is important. Take a look at your email open rates, website analytics, social media insights and rewards club sign-ups to begin understanding more completely where marketing dollars need to be allocated.
2. Drill it down. Segment it by region and frequent users, then take it one step further and match it to gender and actual sales that this group of customers generates. These classifications give an objective way to boil down the ocean of information to find out which marketing efforts are adding value and which need to be adjusted.
3. Combine online analytics with sales data. What activities actually translate into revenue? Are the users who spend more than four minutes on your site from the next town more likely to book lodging, entertainment and a pre-paid meal? Do the entry and exit pages tell you something else about your product and end consumer? What is the conversion rate? How many pages does the average user view before exiting or making a purchase? This simply tells you if the information is easy to find or if messaging is consistent throughout the site. Tracking these kinds of indicators over a period of time points to where optimizing is needed.
4. Define a communication plan. Based on what the data shows about the most profitable segment of customers, decide which communications approach is going to benefit the bottom line.
5. Make conclusions. After the dust settles, make the data do more. Consider which of the segments needs to be reactivated to drive sales? Which messages are meeting the mark? Which segments offer the most opportunity?
Don’t let these pieces of helpful insights lay around the office for another day. Data can do more, so let it!